Spending Accounts
Health Savings Account
Reminder: Re-elect your HSA contribution each year. Prior elections will not rollover.
How an HSA can benefit you and your wallet
In order to be eligible for an Health Savings Account (HSA), you must enroll in either the Gold HSA or Silver HSA medical plans. Whether you are an HSA newbie or a seasoned account holder, brush up on best practices for using your account. Inspire will match 50% of what you contribute to your HSA up to a defined maximum based on your medical plan tier.
Just the basics
An HSA is a short-term or long-term tax-free savings account for eligible out-of-pocket health care expenses. The account belongs to you and grows year over year. You maintain ownership, even if you leave the company. HSA money is yours to save and invest or to spend on eligible health care expenses. You can add, change, or cancel your contributions at any time throughout the year.
HSA Contribution Limit Employee: $3,850 / Family: $7,750
Health Care FSA
How an HCFSA can benefit you and your wallet
If you are new to the health care flexible spending account (HCFSA), or if you’ve been processing those receipts for years, here are some key details to help you make the most of your HCFSA.
HCFSA Bottom Line
A health care flexible spending account, or HCFSA, is an employer-sponsored benefit that allows participants to set aside pre-tax funds from their paychecks to help them pay for out-of-pocket health care expenses throughout the year. HCFSAs are an annual plan-year benefit—meaning you have a specified amount of time to use your funds. You'll want to spend down this account every year based on your plan's rules.
For 2023, Flexible Spending Accounts will be administered through BenefitWallet.
Contribution Limit: $3,050
Dependent Care FSA
Already paying for dependent care?
If you pay for day care, after school care, day camp or elder care for any of your dependents, you could be SAVING money on those costs! Inspire offers a dependent care flexible spending account, or DCFSA, that allows you to set aside a little from each paycheck to go toward your dependent care for the year.
How does this help? You never pay taxes on these funds, which saves you 20-30% over paying for care outright.
Contribution Limit: $5,000
For 2023, Flexible Spending Accounts will be administered through BenefitWallet.
Why enroll? Setting aside your funds in a dependent care account can save you between $1,000 - $1,500 a year!*
*contributing the maximum allowed for married, filing jointly at $5,000 at a 20% – 30% tax savings.
Transit FSA and Parking FSA
For 2023, Transit Flexible Spending Account (TFSA) and/or Parking Flexible Spending Account (PFSA) will be administered by BenefitWallet. This allows you to pay for mass transit and parking expenses with a monthly election through tax-free payroll deductions.
Contributions
Monthly limits are set by the IRS. Contributions for transit are limited to $270 per month. Parking contributions are limited to $270 per month. Your monthly balance is carried forward and you may start, stop or change your contribution at any time. Contributions to the Transit FSA and Parking FSA are free from federal income tax, Social Security and Medicare taxes, and remain tax-free when they are used for eligible expenses.
Deductions Through Payroll
You authorize Inspire to deduct a pre-tax amount for parking or transit from each paycheck, up to the IRS limits stated above. You pay for the qualified transportation with your TFSA/PFSA debit card or you can pay out-of-pocket and then file a claim for reimbursement.
Mass Transit
Eligible items include transit passes, tokens, fare cards, vouchers, or similar items entitling you to ride a mass transit vehicle to or from work. The mass transit vehicle may be publicly or privately operated and includes bus, rail, or ferry.
Parking
Get reimbursed for parking expenses incurred at or near your work location or a location from which you continue your commute to work by carpool, vanpool or mass transit. Out-of-pocket parking fees for parking meters, garages and lots qualify. Parking at or near your home is not an eligible expense.